Warehousing automation and robotics start-up, GreyOrange has raised $140 million in Series C funding led by Mithril Capital. Flipkart co-founder Binny Bansal and other existing investor Mitsubishi, Flipkart, Tiger Global, Blume Ventures and Project Verte have participated in this round, marking the biggest fundraise by an Indian hardware start-up.
In the conjunction of fundraising, Ajay Royan, Co-Founder and Managing General Partner of Mithril Capital, who will join the GreyOrange board said, “As online and offline channels converge across a wide range of industries, we are excited to support roboatic solutions that thoughtfully bridge the world of bits and the world of atoms, driving better health, safety and efficiency for workers and customers alike.”
GreyOrange was founded by Samay Kohli and Akash Gupta in 2011. The company designs, manufactures and deploys advanced robotics systems for automation at fulfillment centres. It works with retailers, apparel makers, third-party logistics providers and consumer electronics companies. The firm currently handles warehousing for companies such as Kerry Logistics, Mahindra, DTDC, Flipkart, Jabong, Myntra and PepperFry.
Samay Kohli, Co-Founder and CEO, GreyOrange said, “GreyOrange offers robotics technology for operating flexible automated warehouses and has the largest market share globally in this space. We’ve grown rapidly in recent years and will accelerate the expansion of our regional teams, especially within the U.S. We strongly believe in thinking global but operating local. As we continue to invest heavily in the R&D of our products, we will solve new problems for our customers and help transform the industry.”
GreyOrange previously raised about $40 million and has been doubling its revenues year-on-year in the past three-four years. It has developed two flagship products called Butler and Linear Sorter. Sorter, which is used by most of its clients, is a conveyor belt system fitted with robotic arms and advanced tools like dimensioning and weighing modules capable of sorting up to 6,000 packages per hour whereas Butler is a storage and retrieval robot that moves on warehouse floors.
The new funds will enable GreyOrange to fulfill its vision of developing and deploying intuitive, flexible and scalable solutions for end-to-end automation across the supply chain, from factories to fulfillment centers, and beyond. GreyOrange plans to build on the strong growth it has experienced over the past five years by expanding operations across Asia, Europe and the U.S. To that end, the company recently established its U.S. headquarters and manufacturing facility in Atlanta, Georgia, and launched a major R&D center in Boston, Massachusetts.